Budget Veto Stands

Saskal, Rich
September 2004
Bond Buyer;09/17/2004, Vol. 349 Issue 31971, p31
Trade Publication
The article reports on the veto of the 2005 budget bill, saying the $448 million general fund spending plan is 38 million beyond the government's means by Guam's Republican governor Felix Camacho. The island's economy has been battered in recent years. Guam's general obligation debt has an underlying B rating from Standard & Poor's Corp. Attempts to issue $218 million in new-money bonds for working capital were stymied after the territory's attorney general challenged the plan, saying it would exceed Guam's debt limit.


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